{"id":6691,"date":"2020-04-13T20:04:16","date_gmt":"2020-04-13T14:34:16","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=6691"},"modified":"2024-07-02T17:37:07","modified_gmt":"2024-07-02T12:07:07","slug":"latest-changes-in-gst-due-to-covid-19","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/latest-changes-in-gst-due-to-covid-19\/","title":{"rendered":"Latest Changes In GST Due To COVID 19"},"content":{"rendered":"\n<p class=\"has-drop-cap\">In the context of the current market conditions and scenario, the central government, on the recommendation of the council has made many relaxing changes related to composition scheme under GST, interest rate reduction under GST, waiver of late fees and extension of due date for the purpose of <a href=\"https:\/\/corpbiz.io\/gst-return-filing\"><strong><em>filing GST returns<\/em><\/strong><\/a>. These changes in GST are brought in by releasing a series of notifications on 03.04.2020. The changes in GST have come in considering the impact of COVID 19 on the operations of the industries. Since all the operations have come to rest due to the lockdown situation, the government has taken steps to reduce any undue pressure of compliances.<\/p>\n\n\n\n<p><strong>Changes include:<\/strong><\/p>\n\n\n\n<ul>\n<li>Reduction in Interest Rate<\/li>\n\n\n\n<li>Late Fee Waiver<\/li>\n\n\n\n<li>Extension of Due dates<\/li>\n\n\n\n<li>Extension of E Way Bill Period<\/li>\n\n\n\n<li>GST Composition Scheme<\/li>\n<\/ul>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/latest-changes-in-gst-due-to-covid-19\/#Reduction_in_Interest_Rate_and_Extension_of_Due_date_for_GST3B\" >Reduction\nin Interest Rate and Extension of Due date for GST3B:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/latest-changes-in-gst-due-to-covid-19\/#Extension_of_other_due_dates\" >Extension\nof other due dates:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/latest-changes-in-gst-due-to-covid-19\/#Extension_of_E_way_bill_period\" >Extension\nof E way bill period:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/latest-changes-in-gst-due-to-covid-19\/#GST_Composition_Scheme_Extensions\" >GST\nComposition Scheme Extensions:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/latest-changes-in-gst-due-to-covid-19\/#Conclusion\" >Conclusion:<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reduction_in_Interest_Rate_and_Extension_of_Due_date_for_GST3B\"><\/span><strong>Reduction\nin Interest Rate and Extension of Due date for GST3B:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Changes have been made to provide for a reduction in\nthe interest rate in the following manner:<strong><\/strong><\/p>\n\n\n\n<ul>\n<li><strong>Registered persons whose turnover is more than 5cr<\/strong>: <strong>Date Specified<\/strong> to <strong><em>file return in form GST 3B<\/em><\/strong> for the month of <strong>February to April 2020<\/strong> is 24.06.2020. No interest will be charged for the 15 days after due date, and thereafter 9% interest shall be charged. <\/li>\n<\/ul>\n\n\n\n<div class=\"shadow1\"><strong>Note:<\/strong> If payment is beyond 15 days of due date, but up\nto specified date, then NIL interest for 15 days plus 9% p.a for delay beyond\n15 days. However, if payment is made beyond the specified date, i.e.\n24.06.2020, interest shall be charged at 18% for the entire period beyond the\ndue date, i.e. 20.03.2020<\/div>\n\n\n\n<ul>\n<li><strong>Registered\nPersons whose turnover is more than 1.5 cr and up to 5cr<\/strong>: <strong>Date specified<\/strong> to file return in form\nGST 3B for the month of February and March 2020 is 29.06.2020 and for the month\nof April 2020 is 30.06.2020. No late filing interest will be <\/li>\n<\/ul>\n\n\n\n<ul>\n<li><strong>Registered\nPersons whose turnover is up to 1.5cr<\/strong>: <strong>Date specified<\/strong> to file return in form GST3B\nfor the month of February 2020 is <strong>30.06.2020<\/strong>,\nfor the month of March 2020 is 03.07.2020 and for the month of April 2020 is <strong>06.07.2020<\/strong>.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Late fee Waiver<\/h3>\n\n\n\n<ul>\n<li>If the registered person fails to file within due\ndate, GSTR 1 for the quarter ending March 2020 and for the month of April 2020\nand may 2020; no late fees shall be charged if the return is furnished up to\n30.06.2020.<\/li>\n<\/ul>\n\n\n\n<div class=\"shadow1\"><strong>Note:<\/strong>Due date for filing GSTR 1\nand 3B is not extended, only late fees stand waived off.<\/div>\n\n\n\n<div class=\"shadow1\"><strong>Note:<\/strong>If a return is not filed within due date for continuous 3 months\nwould lead to blocking of E way bill remains a question of doubt as E way bill\nprovisions are not amended. It can be reasonably assumed that such case would\nnot arise considering that the government intention remains relaxation amidst a\ncrisis. <\/em><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Extension_of_other_due_dates\"><\/span><strong>Extension\nof other due dates:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul>\n<li>The due date for filing form CMP-08 for the quarter\nended March 2020 is extended till <strong>07.07.2020<\/strong>,\nand for filing form, GSTR 4 is extended till <strong>15.07.2020<\/strong>.<\/li>\n\n\n\n<li>The time limit for completion of any action by any\nperson or authority, the time limit for completion of any proceedings or\npassing of any order or issuance of any notice etc. by any authority,\ncommission or tribunal shall be extended up to <strong>30.06.2020<\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Extension_of_E_way_bill_period\"><\/span><strong>Extension\nof E way bill period:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Any E way Bill generated whose period validity expires\nbetween 20.03.2020 and 15.04.2020, the validity shall be deemed to be extended\ntill 30.04.2020.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"GST_Composition_Scheme_Extensions\"><\/span><strong>GST\nComposition Scheme Extensions:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul>\n<li>A Proviso is inserted in Rule 3 (sub-rule 3) to extend\nthe time to opt for composition scheme under GST on or before 30.06.2020.<\/li>\n\n\n\n<li>Intimation shall be filed electronically in form GST\nCMP-02.<\/li>\n\n\n\n<li>Furnishing of a statement in form GST ITC-03 can be\ndone up to 31.07.2020.<\/li>\n\n\n\n<li>Input tax credit for the period February 2020- August\n2020 shall be adjusted cumulatively in return GST 3B filed for the month of\nSeptember 2020.<\/li>\n<\/ul>\n\n\n\n<div class=\"shadow1\"><strong>Note:<\/strong> Effective\ndate for all the above changes made is 20.03.2020<\/strong><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>To conclude, the Central Government is standing as a support to all the taxpayers and is implementing all the measures to reduce and undue pressure of compliance in this market condition and scenario. The continuous efforts made by the Central Government are appreciable and worth noting for.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/online-gst-return-filing-procedure-types-due-date-and-penalty\/\">GST Return Filing Procedure \u2013 Types of GST Returns, Due Date and Penalty<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the context of the current market conditions and scenario, the central government, on the recommendation of the council has made many relaxing changes related to composition scheme under GST, interest rate reduction under GST, waiver of late fees and extension of due date for the purpose of filing GST returns. These changes in GST [&hellip;]<\/p>\n","protected":false},"author":23,"featured_media":6694,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[16,152],"tags":[483],"acf":{"service_id":"132"},"authorName":"Siddharth Gambhir","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/03\/sid.jpg","authorDescription":"Mr. Siddharth Gambhir is a Chartered Accountant by profession and also holding post-graduate degree in Finance and Taxation. He is an Advisory consultant at Corpbiz with experience in Taxation and Auditing.Holding experience in Taxation and Auditing, he holds keen interest in writing new content by updating himself with the latest changes.","postViews":4348,"readingTime":3,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/6691"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=6691"}],"version-history":[{"count":13,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/6691\/revisions"}],"predecessor-version":[{"id":65117,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/6691\/revisions\/65117"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/6694"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=6691"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=6691"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=6691"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}